Technology Advances Promise to Solve Productivity Gap For the past few decades, construction methods were subject to a painfully slow evolution. With the advent of 3D grade control and telematics systems, the industry began a transformation that has dramatically picked up speed. Intelligent machine controls, made possible through the electrification of construction equipment, coupled with emerging digital data collection that provides real-time, actionable information are dramatically transforming the jobsite of the future. Never before have we witnessed this level of technological transformation in the construction market. The Internet of Things (IoT) promises to dramatically slash construction costs, shorten timelines and provide a serious competitive advantage for all who embrace these emerging technologies. But with the pace of technology picking up speed every day, keeping abreast of the latest breakthroughs will be challenging. Technology is the answer to a vexing problem: business is booming, but productivity is stagnant, and the skilled workforce is aging. There just aren’t enough new workers to fill demand. New technologies, such as IoT-based tracking and analytics solutions, provide unprecedented jobsite visibility and help contractors optimize their current workforce, promote worker safety and attract Millennials to the field. Whether it’s solving our nation’s crumbling infrastructure or building sustainable spaces, construction continues to be the foundation of U.S. industry, and the new greenfield for technology transformation. Productivity simply has to keep pace. According to research by Volvo Construction Equipment (Volvo CE), 7% of the world’s working population is employed in construction, yet productivity grows just 1% a year, compared to 3.6% in manufacturing. Fifty-seven percent of time on construction sites is spent on unproductive activities, and the industry misses out on $1.6 trillion annually due to low productivity. If construction were to catch up with the rest of the world’s economy, half of the world’s infrastructure needs would be met. Industries that digitize enjoy increased productivity of up to 1,500%. One of the challenges has been the lack of investment in new technologies. According to Volvo CE, compared to other industries, construction is a low investor in Information Technology (IT) with 75% of firms spending less than 1% of annual revenue on IT.